Moody's Analytics recently released their Job Growth forecast, and the results are stagnant for Maryland. Moody's used the Bureau of Labor Statistics' Current Employment Statistics (CES) survey to gather data. The data in the analysis is based on employment and industry trends from the CES survey's averages of national, state and metro data through second-quarter 2011. The analysis continues to project jobs growth and industry forecasts through the second quarter of 2015.
The numbers for Maryland show growth in the area job market at projected to be at a near standstill through the second quarter of 2012. Moody's anticipates a change of 0.2% in the Baltimore area jobs market through that period. According to the report, jobs growth in the Baltimore Metro region is not expected to reach a full percentage point until 2013.
The report also breaks down jobs growth by industry. In Moody's one year jobs growth projections, the largest gains in the Baltimore metro region are seen in Natural Resources & Mining. This includes jobs related to agriculture, fishing, mining, and alternative energy. Moody's sees a potential 15.1% growth for the area in this sector.
The second most promising sectors in the Baltimore jobs forecast are Professional and Business Services and Education and Health Services. Moody's predicts a 2.2% one year growth in both of these sectors. Professional and Business services includes science and technology jobs and professional management and administrative services. The Education and Health category includes hospitals, medical labs, and universities.
The biggest decreases are predicted for Construction at -3.2%, Transportation and Warehousing at -1.5% and Utilities at -2.0%. Other industries, including Retail and Hospitality, are predicted to stay stagnant through 2012, with less than 1% change in available jobs.
Writer: Amy McNeal
Source: Moody's Analytics